Cri­ti­cal Review of New IPOs 2017

Exe­cu­ti­ve Sum­ma­ry on new issu­es 2017 — 11 new issu­es (pre­vious year 6) in Ger­ma­ny. A stu­dy by Dr. Kon­rad Bösl, Mana­ging Direc­tor at Blätt­chen & Part­ner GmbH in Munich.

  • €2.6 bil­li­on pla­ce­ment volu­me (pre­vious year: €4.9 bil­li­on)
  • Ger­ma­ny remains mea­ningless in glo­bal com­pa­ri­son — share of the issue volu­me 1.5 and num­ber 0.7
  • 5 of the 11 issu­ers with a loss in the year pri­or to the IPO, inclu­ding the two hig­hest-sel­ling
  • 7 New issu­es in the Prime Stan­dard, 4 in sca­le, 1 can­cel­la­ti­on
  • Lar­gest IPO Deli­very Hero AG with €989 mil­li­on pla­ce­ment volu­me
  • Smal­lest IPO The NAGA Group AG with €2.6 mil­li­on pla­ce­ment volu­me
  • Last quar­ter stron­gest with 5 new issu­es
  • 50 of the issu­ers pla­ced in the top third of the book­buil­ding ran­ge, 30 in the lower third of the pri­ce ran­ge
  • Average exer­cise rate Green­shoe 63.4 (medi­an 92.1
  • Average sub­scrip­ti­on gain 12.1 (medi­an 4.1
  • Year-end pri­ce 29 Decem­ber: 9 of the 11 issu­ers with pri­ce gains and bet­ter as a total mar­ket
  • Com­pa­red to the over­all mar­ket, issu­ers achie­ved an average incre­a­se of 43.1 (medi­an 20.9)

Fin­dings from the New Issue Year 2017

  • Glo­bal new emis­si­ons acti­vi­ty at 10-year high
  • New emis­si­ons acti­vi­ty in Ger­ma­ny has not been able to keep pace with glo­bal com­pa­ri­sons for years
  • The per­for­mance of new emis­si­ons in Ger­ma­ny was good and bet­ter than the over­all mar­ket
  • The high pro­por­ti­on of capi­tal incre­a­ses in new issu­es shows that the IPO is pri­ma­ri­ly used to finan­ce growth
  • Insuf­fi­ci­ent liqui­di­ty of new issu­es in sca­le due to low num­ber of shares pla­ced
  • Cos­ts of the IPO on sca­le are far too high for small to medi­um-sized com­pa­nies
  • The sca­le is not attrac­ti­ve to inves­tors and issu­ers due to the low tra­ding volu­me and high cos­ts

con­ti­nue rea­ding…

With inno­va­ti­ve finan­cial stra­te­gies, Blätt­chen & Part­ner GmbH has been one of the lea­ding cor­po­ra­te finan­ce experts in Ger­ma­ny for more than 30 years. The Munich-based com­pa­ny spe­cia­li­ses in advi­sing on manage­ment par­ti­ci­pa­ti­on programmes,IPOs, bonds, pro­mis­so­ry note loans and the asso­cia­ted capi­tal mar­ket sup­port after the issue. Other are­as of focus in the ran­ge of ser­vices are com­pa­ny invest­ments and M&A tran­sac­tions. More than 500 tran­sac­tions are a tes­ta­ment to the company’s pro­ven exper­ti­se. The gro­wing inter­di­sci­pli­na­ry com­pe­tence net­work, the high level of cus­to­mer satis­fac­tion and the lar­ge num­ber of publi­ca­ti­ons on important cor­po­ra­te finan­ce topics reflect the reco­gnis­ed repu­ta­ti­on of Blätt­chen & Part­ner GmbH.

 

 

Don't hesitate to contact us:

We use reCAPTCHA v3 from Google to reduce spam through our forms. Please click the "Load Form" button to allow reCAPTCHA v3. Please note Google's privacy policy.

Load form

CQk8ZGl2IGRhdGEtZWxlbWVudG9yLXR5cGU9IndpZGdldCIgZGF0YS1lbGVtZW50b3ItaWQ9IjE3ODYyIiBjbGFzcz0iZWxlbWVudG9yIGVsZW1lbnRvci0xNzg2MiBlbGVtZW50b3ItMTc4NTIiPgoJCQkJCQkJCQk8ZGl2IGNsYXNzPSJlbGVtZW50b3ItZWxlbWVudCBlbGVtZW50b3ItZWxlbWVudC0xNzg1MiBlbGVtZW50b3ItYnV0dG9uLWFsaWduLWVuZCBlbGVtZW50b3Itd2lkZ2V0IGVsZW1lbnRvci13aWRnZXQtZm9ybSIgZGF0YS1pZD0iMTc4NTIiIGRhdGEtZWxlbWVudF90eXBlPSJ3aWRnZXQiIGRhdGEtc2V0dGluZ3M9InsmcXVvdDtzdGVwX25leHRfbGFiZWwmcXVvdDs6JnF1b3Q7Tlx1MDBlNGNoc3RlciZxdW90OywmcXVvdDtzdGVwX3ByZXZpb3VzX2xhYmVsJnF1b3Q7OiZxdW90O1ZvcmlnZXImcXVvdDssJnF1b3Q7YnV0dG9uX3dpZHRoJnF1b3Q7OiZxdW90OzEwMCZxdW90OywmcXVvdDtzdGVwX3R5cGUmcXVvdDs6JnF1b3Q7bnVtYmVyX3RleHQmcXVvdDssJnF1b3Q7c3RlcF9pY29uX3NoYXBlJnF1b3Q7OiZxdW90O2NpcmNsZSZxdW90O30iIGRhdGEtd2lkZ2V0X3R5cGU9ImZvcm0uZGVmYXVsdCI+CgkJCQk8ZGl2IGNsYXNzPSJlbGVtZW50b3Itd2lkZ2V0LWNvbnRhaW5lciI+CgkJCQkJPGZvcm0gY2xhc3M9ImVsZW1lbnRvci1mb3JtIiBtZXRob2Q9InBvc3QiIGlkPSJrb250YWt0Zm9ybXVsYXIiIG5hbWU9IktvbnRha3Rmb3JtdWxhciI+CgkJCTxpbnB1dCB0eXBlPSJoaWRkZW4iIG5hbWU9InBvc3RfaWQiIHZhbHVlPSIxNzg2MiIvPgoJCQk8aW5wdXQgdHlwZT0iaGlkZGVuIiBuYW1lPSJmb3JtX2lkIiB2YWx1ZT0iMTc4NTIiLz4KCQkJPGlucHV0IHR5cGU9ImhpZGRlbiIgbmFtZT0icmVmZXJlcl90aXRsZSIgdmFsdWU9IkNyaXRpY2FsIFJldmlldyBvZiBOZXcgSVBPcyAyMDE3IC0gQ29ycG9yYXRlIEZpbmFuY2UgQmVyYXR1bmcgTcO8bmNoZW4gfCBCbMOkdHRjaGVuICZhbXA7IFBhcnRuZXIiIC8+CgoJCQkJCQkJPGlucHV0IHR5cGU9ImhpZGRlbiIgbmFtZT0icXVlcmllZF9pZCIgdmFsdWU9IjY0ODUiLz4KCQkJCgkJCTxkaXYgY2xhc3M9ImVsZW1lbnRvci1mb3JtLWZpZWxkcy13cmFwcGVyIGVsZW1lbnRvci1sYWJlbHMtYWJvdmUiPgoJCQkJCQkJCTxkaXYgY2xhc3M9ImVsZW1lbnRvci1maWVsZC10eXBlLXRleHQgZWxlbWVudG9yLWZpZWxkLWdyb3VwIGVsZW1lbnRvci1jb2x1bW4gZWxlbWVudG9yLWZpZWxkLWdyb3VwLXZvcm5hbWUgZWxlbWVudG9yLWNvbC0yNSI+CgkJCQkJCQkJCQkJCTxsYWJlbCBmb3I9ImZvcm0tZmllbGQtdm9ybmFtZSIgY2xhc3M9ImVsZW1lbnRvci1maWVsZC1sYWJlbCI+CgkJCQkJCQkJVm9ybmFtZQkJCQkJCQk8L2xhYmVsPgoJCQkJCQkJCQkJCQkJCTxpbnB1dCBzaXplPSIxIiB0eXBlPSJ0ZXh0IiBuYW1lPSJmb3JtX2ZpZWxkc1t2b3JuYW1lXSIgaWQ9ImZvcm0tZmllbGQtdm9ybmFtZSIgY2xhc3M9ImVsZW1lbnRvci1maWVsZCBlbGVtZW50b3Itc2l6ZS1zbSAgZWxlbWVudG9yLWZpZWxkLXRleHR1YWwiPgoJCQkJCQkJCQkJCTwvZGl2PgoJCQkJCQkJCTxkaXYgY2xhc3M9ImVsZW1lbnRvci1maWVsZC10eXBlLXRleHQgZWxlbWVudG9yLWZpZWxkLWdyb3VwIGVsZW1lbnRvci1jb2x1bW4gZWxlbWVudG9yLWZpZWxkLWdyb3VwLW5hY2huYW1lIGVsZW1lbnRvci1jb2wtMjUiPgoJCQkJCQkJCQkJCQk8bGFiZWwgZm9yPSJmb3JtLWZpZWxkLW5hY2huYW1lIiBjbGFzcz0iZWxlbWVudG9yLWZpZWxkLWxhYmVsIj4KCQkJCQkJCQlOYWNobmFtZQkJCQkJCQk8L2xhYmVsPgoJCQkJCQkJCQkJCQkJCTxpbnB1dCBzaXplPSIxIiB0eXBlPSJ0ZXh0IiBuYW1lPSJmb3JtX2ZpZWxkc1tuYWNobmFtZV0iIGlkPSJmb3JtLWZpZWxkLW5hY2huYW1lIiBjbGFzcz0iZWxlbWVudG9yLWZpZWxkIGVsZW1lbnRvci1zaXplLXNtICBlbGVtZW50b3ItZmllbGQtdGV4dHVhbCI+CgkJCQkJCQkJCQkJPC9kaXY+CgkJCQkJCQkJPGRpdiBjbGFzcz0iZWxlbWVudG9yLWZpZWxkLXR5cGUtZW1haWwgZWxlbWVudG9yLWZpZWxkLWdyb3VwIGVsZW1lbnRvci1jb2x1bW4gZWxlbWVudG9yLWZpZWxkLWdyb3VwLWVtYWlsIGVsZW1lbnRvci1jb2wtMjUgZWxlbWVudG9yLWZpZWxkLXJlcXVpcmVkIj4KCQkJCQkJCQkJCQkJPGxhYmVsIGZvcj0iZm9ybS1maWVsZC1lbWFpbCIgY2xhc3M9ImVsZW1lbnRvci1maWVsZC1sYWJlbCI+CgkJCQkJCQkJRS1NYWlsCQkJCQkJCTwvbGFiZWw+CgkJCQkJCQkJCQkJCQkJPGlucHV0IHNpemU9IjEiIHR5cGU9ImVtYWlsIiBuYW1lPSJmb3JtX2ZpZWxkc1tlbWFpbF0iIGlkPSJmb3JtLWZpZWxkLWVtYWlsIiBjbGFzcz0iZWxlbWVudG9yLWZpZWxkIGVsZW1lbnRvci1zaXplLXNtICBlbGVtZW50b3ItZmllbGQtdGV4dHVhbCIgcmVxdWlyZWQ9InJlcXVpcmVkIiBhcmlhLXJlcXVpcmVkPSJ0cnVlIj4KCQkJCQkJCQkJCQk8L2Rpdj4KCQkJCQkJCQk8ZGl2IGNsYXNzPSJlbGVtZW50b3ItZmllbGQtdHlwZS10ZXh0IGVsZW1lbnRvci1maWVsZC1ncm91cCBlbGVtZW50b3ItY29sdW1uIGVsZW1lbnRvci1maWVsZC1ncm91cC11bnRlcm5laG1lbiBlbGVtZW50b3ItY29sLTI1IGVsZW1lbnRvci1maWVsZC1yZXF1aXJlZCI+CgkJCQkJCQkJCQkJCTxsYWJlbCBmb3I9ImZvcm0tZmllbGQtdW50ZXJuZWhtZW4iIGNsYXNzPSJlbGVtZW50b3ItZmllbGQtbGFiZWwiPgoJCQkJCQkJCVVudGVybmVobWVuCQkJCQkJCTwvbGFiZWw+CgkJCQkJCQkJCQkJCQkJPGlucHV0IHNpemU9IjEiIHR5cGU9InRleHQiIG5hbWU9ImZvcm1fZmllbGRzW3VudGVybmVobWVuXSIgaWQ9ImZvcm0tZmllbGQtdW50ZXJuZWhtZW4iIGNsYXNzPSJlbGVtZW50b3ItZmllbGQgZWxlbWVudG9yLXNpemUtc20gIGVsZW1lbnRvci1maWVsZC10ZXh0dWFsIiByZXF1aXJlZD0icmVxdWlyZWQiIGFyaWEtcmVxdWlyZWQ9InRydWUiPgoJCQkJCQkJCQkJCTwvZGl2PgoJCQkJCQkJCTxkaXYgY2xhc3M9ImVsZW1lbnRvci1maWVsZC10eXBlLXRleHRhcmVhIGVsZW1lbnRvci1maWVsZC1ncm91cCBlbGVtZW50b3ItY29sdW1uIGVsZW1lbnRvci1maWVsZC1ncm91cC1tZXNzYWdlIGVsZW1lbnRvci1jb2wtMTAwIj4KCQkJCQkJCQkJCQkJPGxhYmVsIGZvcj0iZm9ybS1maWVsZC1tZXNzYWdlIiBjbGFzcz0iZWxlbWVudG9yLWZpZWxkLWxhYmVsIj4KCQkJCQkJCQlOYWNocmljaHQJCQkJCQkJPC9sYWJlbD4KCQkJCQkJPHRleHRhcmVhIGNsYXNzPSJlbGVtZW50b3ItZmllbGQtdGV4dHVhbCBlbGVtZW50b3ItZmllbGQgIGVsZW1lbnRvci1zaXplLXNtIiBuYW1lPSJmb3JtX2ZpZWxkc1ttZXNzYWdlXSIgaWQ9ImZvcm0tZmllbGQtbWVzc2FnZSIgcm93cz0iNCI+PC90ZXh0YXJlYT4JCQkJPC9kaXY+CgkJCQkJCQkJPGRpdiBjbGFzcz0iZWxlbWVudG9yLWZpZWxkLXR5cGUtYWNjZXB0YW5jZSBlbGVtZW50b3ItZmllbGQtZ3JvdXAgZWxlbWVudG9yLWNvbHVtbiBlbGVtZW50b3ItZmllbGQtZ3JvdXAtZGF0ZW5zY2h1dHogZWxlbWVudG9yLWNvbC0xMDAgZWxlbWVudG9yLWZpZWxkLXJlcXVpcmVkIj4KCQkJCQkJCTxkaXYgY2xhc3M9ImVsZW1lbnRvci1maWVsZC1zdWJncm91cCI+CgkJCTxzcGFuIGNsYXNzPSJlbGVtZW50b3ItZmllbGQtb3B0aW9uIj4KCQkJCTxpbnB1dCB0eXBlPSJjaGVja2JveCIgbmFtZT0iZm9ybV9maWVsZHNbZGF0ZW5zY2h1dHpdIiBpZD0iZm9ybS1maWVsZC1kYXRlbnNjaHV0eiIgY2xhc3M9ImVsZW1lbnRvci1maWVsZCBlbGVtZW50b3Itc2l6ZS1zbSAgZWxlbWVudG9yLWFjY2VwdGFuY2UtZmllbGQiIHJlcXVpcmVkPSJyZXF1aXJlZCIgYXJpYS1yZXF1aXJlZD0idHJ1ZSI+CgkJCQk8bGFiZWwgZm9yPSJmb3JtLWZpZWxkLWRhdGVuc2NodXR6Ij48c3BhbiBzdHlsZT0iZm9udC1zaXplOiAxM3B4OyBsZXR0ZXItc3BhY2luZzogMDsiPkljaCBiaW4gZWludmVyc3RhbmRlbiBtaXQgZGVyIFZlcmFyYmVpdHVuZyBtZWluZXIgTmFjaHJpY2h0IGdlbcOkw58gZGVyIDxhIGhyZWY9Ii9kYXRlbnNjaHV0eiI+RGF0ZW5zY2h1dHplcmtsw6RydW5nLjwvYT48L3NwYW4+PC9sYWJlbD4JCQk8L3NwYW4+CgkJPC9kaXY+CgkJCQkJCTwvZGl2PgoJCQkJCQkJCTxkaXYgY2xhc3M9ImVsZW1lbnRvci1maWVsZC10eXBlLXJlY2FwdGNoYV92MyBlbGVtZW50b3ItZmllbGQtZ3JvdXAgZWxlbWVudG9yLWNvbHVtbiBlbGVtZW50b3ItZmllbGQtZ3JvdXAtZmllbGRfNWM2MWZmMiBlbGVtZW50b3ItY29sLTEwMCByZWNhcHRjaGFfdjMtYm90dG9tcmlnaHQiPgoJCQkJCTxkaXYgY2xhc3M9ImVsZW1lbnRvci1maWVsZCIgaWQ9ImZvcm0tZmllbGQtZmllbGRfNWM2MWZmMiI+PGRpdiBjbGFzcz0iZWxlbWVudG9yLWctcmVjYXB0Y2hhIiBkYXRhLXNpdGVrZXk9IjZMZmJYeElnQUFBQUFOTHJHZWlFeFZCbkRSQndfbXdfM0o0bnpvMGUiIGRhdGEtdHlwZT0idjMiIGRhdGEtYWN0aW9uPSJGb3JtIiBkYXRhLWJhZGdlPSJib3R0b21yaWdodCIgZGF0YS1zaXplPSJpbnZpc2libGUiPjwvZGl2PjwvZGl2PgkJCQk8L2Rpdj4KCQkJCQkJCQk8ZGl2IGNsYXNzPSJlbGVtZW50b3ItZmllbGQtZ3JvdXAgZWxlbWVudG9yLWNvbHVtbiBlbGVtZW50b3ItZmllbGQtdHlwZS1zdWJtaXQgZWxlbWVudG9yLWNvbC0xMDAgZS1mb3JtX19idXR0b25zIj4KCQkJCQk8YnV0dG9uIHR5cGU9InN1Ym1pdCIgY2xhc3M9ImVsZW1lbnRvci1idXR0b24gZWxlbWVudG9yLXNpemUtc20iIGlkPSJhYnNlbmRlbiI+CgkJCQkJCTxzcGFuID4KCQkJCQkJCQkJCQkJCQkJPHNwYW4gY2xhc3M9IiBlbGVtZW50b3ItYnV0dG9uLWljb24iPgoJCQkJCQkJCQkJCQkJCQkJCQkJCQkJCQkJCTwvc3Bhbj4KCQkJCQkJCQkJCQkJCQkJCQkJCQkJCTxzcGFuIGNsYXNzPSJlbGVtZW50b3ItYnV0dG9uLXRleHQiPkFic2VuZGVuPC9zcGFuPgoJCQkJCQkJCQkJCQkJPC9zcGFuPgoJCQkJCTwvYnV0dG9uPgoJCQkJPC9kaXY+CgkJCTwvZGl2PgoJCTwvZm9ybT4KCQkJCTwvZGl2PgoJCQkJPC9kaXY+CgkJCQkJCQk8L2Rpdj4KCQk=